Oil States International (OIS) investor relations material

Strategic transformation and growth focus

• Accelerating offshore and international growth, with highest backlog in a decade and a shift to more stable, cash-generative activities.

• Offshore and international revenues rose from 51% in 2022 to 80% in 2025, reflecting a strategic pivot.

• Technology-led differentiation and high-margin product lines drive competitive advantage.

• Leading market positions in offshore connectors and managed pressure drilling systems, with 80-85% global share in FlexJoint connectors.

• Expansion in Latin America, Middle East, and West Africa, leveraging global presence for growth.

Financial performance and cash generation

• FY2025 revenue reached $669 million with adjusted EBITDA of $83 million; 2026 guidance projects $680–$700 million revenue and $90–$95 million EBITDA.

• Free cash flow in 2025 totaled $94 million, up from $49 million in 2024; FCF yield at 17%, leading peers.

• Cash flow from operations in 2025 was $105 million, with 113% FCF conversion from adjusted EBITDA.

• Net cash position of $15 million at year-end 2025, with cash on hand exceeding debt.

• Attractive valuation at 6.5x EV/EBITDA, a 31% discount to peer average of 9.4x.

Business segments and technology portfolio

• Offshore Manufactured Products accounted for 64% of 2025 revenue and 71% of adjusted segment EBITDA.

• Completion and Production Services contributed 17% of revenue and 26% of segment EBITDA; Downhole Technologies made up 18% of revenue.

• Broad offshore technology portfolio includes connectors, risers, MPD systems, and emerging solutions for wind, CCS, and geothermal.

• Backlog for Offshore Manufactured Products reached $435 million at end of 2025, highest since 2015, with a 1.3x book-to-bill ratio.

• High-margin rental and service lines in completion and production, with market-leading onshore and offshore offerings.